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of <h1>Banks Can Repatriate FCNR(B) Maturity Proceeds to Third Parties Abroad with Holder's Consent Under FEMA Regulations.</h1> The circular addresses the repatriation of maturity proceeds of Foreign Currency (Non-Resident) Account (Banks) [FCNR(B)] deposits under the Foreign Exchange Management (Deposit) Regulations, 2000. It informs Category-I Authorized Dealer banks and authorized banks about the applicability of terms for Non-Resident (External) Rupee accounts to FCNR(B) accounts. The circular permits these banks to remit maturity proceeds to third parties outside India, contingent on authorization by the account holder and verification of the transaction's legitimacy. Amendments to the relevant regulations will be notified separately, and banks are instructed to inform their clients of these changes.
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